LONDON (Reuters) - Accounting firm Nexia International is acquiring smaller rival SC International to create a global top 10 provider of audit and advisory services with a combined $2.2 billion (1.2 billion pounds) of fees.
The UK-based firms said on Thursday they would use the Nexia name and have 23,000 employees in 599 offices around the world. Nexia Chairman Gareth Pearce will retain the title while SC Chairman Clive Nicholson will become deputy chairman.
Financial terms of the deal, which is billed as a merger, were not disclosed. The firms expect it to be completed December 1 following various procedural requirements.
By adding SC International, which had about $750 million of revenue last year, Nexia said it would expand its presence in the United States, Germany, the Netherlands, Switzerland, Russia, South Africa, Mexico and Canada.
The combined group would vault to the number nine network by fees ahead of Horwath International and behind Baker Tilly International, it said. PricewaterhouseCoopers PWC.UL is number one with $22 billion.
Outside the United States, the new Nexia group would rank seventh.